seyedeh farrokh Nikoo - Department Of Financial Management, Qazvin Branch, Islamic Azad University, Qazvin, Iran.
Shahabeddin Shams - Department of Financial Management, Qazvin Branch, Islamic Azad University, Qazvin, Iran.
Reza Tehrani - Prof., Department of Finance, Faculty of Management, University of Tehran, Tehran, Iran.
Mohsen Seighali - Prof., Department of Financial Management, Qazvin Branch, Islamic Azad University, Qazvin, Iran.

This paper concentrates on the modelling of optimal stock portfolio selection based on Risk Assessment and Behavioral Financial Approach Mental Accounting and ۲۸ expert’s opinion. In this approach developing the model approved by the opinion of academic and practical experts using quantitative and qualitative methods.  Using quarterly return data of industrial indices for ten years in form of eight training and two test years indicates that the performance of DMSS and MVO based portfolios is equal however by regarding the value at risk and liquidity constraints in modeling, DMSS based portfolios perform higher than MVO portfolios.

portfolio optimization, mental accounting, value at risk